I filed extension for 2023 tax, but I believe the payment is still due 4/15/24. I am sending personal check by mail, but what happens if the mail is marked to be sent on 4/16? Do I get penalty for a day late payment? It’s snail mail so it could take a few days to get there anyways. It’s for California.
Yes penalty. But it will be very small
U will get a call from IRS and u need to pay the fine over phone using gift card or cops will catch u
Why are you sending check? You can use IRS direct pay
Cuz the money I moved to my bank is still clearing
Next time do a wire transfer. It is cheaper than the penalty and interest charges.
You will get a penalty fee for the late payment and owe interest.
For one day?
Yes. The IRS does what the law says. It isn’t discretionary.
For fed I don’t think it’s bad. But CA property tax is automatic 10% penalty owed. They don’t mess around
Ooof
You get a penalty only if you owe money to the IRS. If the IRS owes you money you don't get taxed.
They will send you a letter of how much penalty you owe, wise to pay it
I had a similar problem -- my accountant didn't get the extension filed until late April 15 (I submitted late so it's my fault really), I owed more money than I had in any one account, and it takes a few days to transfer from my brokerage. My accountant said to just pay what I could (about 85% of what I owed -- I sold a bunch of stock last year for a home reno so the tax bill was high!) and that after they finish my taxes in a week or so if I stilled owed money I could pay the balance at that time. I've done this for the last few years and I always end up getting a refund on what I paid at the time of the extension, so I'm not too worried about it. I think it's like 1-3% interest on owed taxes so if it's just a couple of weeks late you won't be underwater.
Straight to jail
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